The so-called 50% rule (some use 60% if the landlord handles utilities) does have statistical validity over the long term and is a good guideline to use as s first screening filter.

. :)I was going to leave it at that, but the bank foreclosed on the legal description, the property it held as collateral.

I also asked if they were to sue me, what amount of liability would the listing agent have; the answer I got was that TREC legal has not and would not provide a specific answer to that quesiton.

@Chris MartinAll good stuff Chris.FNMA guidelines: These are guidelines from fnma to servicer, not law.

My visa type might disqualify me from obtaining the RE license altogether despite the fact that an L-2 visa holder can legally work and/or study in the US (I'll have a SSN, bank accounts etc etc).

I read about the legal situation in the Monterey weekly paper.

Consult with a local mortgage banker for underwriting guidelines for your situation ( ie, landlord experience, reserves, debt to income).Start to develop relationships with local bankers as well, who may be more flexible.

I've never done one so I can't speak to the guidelines there.

I've got a 5-year old judgment in Virginia Beach (total value of judgment, legal, and interest currently around $8,000).

Technically I am going in with cash but am using the 50% rule as a guideline.